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Contract – Breach of contract. The claimant had paid £50,000 to a company run by the first defendant, intending to invest in the company in return for shares. He brought a claim for damages for breach of contract. It was common ground that, if there was no binding contract, the claimant was entitled, as restitution, to the return of his money, together with an award for the 'time value' of the money. The Chancery Division held that the claimant had advanced £50,000 to the company in anticipation of an agreement to invest in return for shares, but he had failed to satisfy the court that any agreement had been concluded between the parties. However, the claimant had a restitutionary claim against the company for the return of his £50,000 and for the time value of the money.
Contract – Breach of contract. The claimant had paid £50,000 to a company run by the first defendant, intending to invest in the company in return for shares. He brought a claim for damages for breach of contract. It was common ground that, if there was no binding contract, the claimant was entitled, as restitution, to the return of his money, together with an award for the 'time value' of the money. The Chancery Division held that the claimant had advanced £50,000 to the company in anticipation of an agreement to invest in return for shares, but he had failed to satisfy the court that any agreement had been concluded between the parties. However, the claimant had a restitutionary claim against the company for the return of his £50,000 and for the time value of the money.
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